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    Öğe
    A Conceptual Framework of Internationalization of Family Business Groups: Turkey Context
    (Eskisehir Osmangazi Univ, Fac Education, 2020) Kayaci, Ayse Coban; Ataay, Aylin
    Resource exploration has been seen as the main reason for the accelerated internationalization of emerging market firms. However, despite their specific contexts and organizational forms, emerging market multinational companies (EM MNCs) literature underestimated the context-specific factors and their effect on foreign direct investment activity so far. EM MNCs in those markets may have their own firm-specific resources that fit their institutional contexts and can eliminate transaction costs, which result from those contexts. For instance, Business Groups (BG) with their unique attributions would have a hybrid internationalization model like their forms, in those markets. This study will try to propose a multi-theoretical perspective, which includes resource, transaction costs and institution-based views for internationalization of family BGs (FBG), which is a dominant form of organizing in Turkey. Hence, the determinants of the internationalization level of FBG will be discussed from different perspectives and proposed.
  • [ X ]
    Öğe
    A Conceptual Framework of Internationalization of Family Business Groups: Turkey Context
    (2020) Kayacı, Ayşe Çoban; Ataay, Aylin
    Resource exploration has been seen as the main reason forthe accelerated internationalization of emerging marketfirms. However, despite their specific contexts and organizational forms, emerging market multinational companies(EM MNCs) literature underestimated the context-specificfactors and their effect on foreign direct investment activity so far. EM MNCs in those markets may have their ownfirm-specific resources that fit their institutional contextsand can eliminate transaction costs, which result fromthose contexts. For instance, Business Groups (BG) withtheir unique attributions would have a hybrid internationalization model like their forms, in those markets. Thisstudy will try to propose a multi-theoretical perspective,which includes resource, transaction costs and institutionbased views for internationalization of family BGs (FBG),which is a dominant form of organizing in Turkey. Hence,the determinants of the internationalization level of FBGwill be discussed from different perspectives and proposed.
  • Küçük Resim
    Öğe
    A conceptual framework of internationalization of family business groups: Turkey context
    (Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi, 2020) Kayacı, Ayşe Çoban; Ataay, Aylin
    Resource exploration has been seen as the main reason forthe accelerated internationalization of emerging marketfirms. However, despite their specific contexts and organizational forms, emerging market multinational companies(EM MNCs) literature underestimated the context-specificfactors and their effect on foreign direct investment activity so far. EM MNCs in those markets may have their ownfirm-specific resources that fit their institutional contextsand can eliminate transaction costs, which result fromthose contexts. For instance, Business Groups (BG) withtheir unique attributions would have a hybrid internationalization model like their forms, in those markets. Thisstudy will try to propose a multi-theoretical perspective,which includes resource, transaction costs and institutionbased views for internationalization of family BGs (FBG),which is a dominant form of organizing in Turkey. Hence,the determinants of the internationalization level of FBGwill be discussed from different perspectives and proposed.
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    Öğe
    CROSS-BORDER M&A MOTIVATIONS AND INSTITUTIONAL FACTORS FOR EMNCS: EXAMINATION OF TURKISH MNCS
    (Euromed Press, 2020) Ataay, Aylin; Kayaci, Ayse
    EMNCs have been taken significant interest in international business studies for almost two decades. Understanding EMNCs and their motivations for outward internationalization from different EM contexts is still relevant even if asset exploration view has been dominated the research domain so far. This study aims to find out whether market seeking and strategic asset seeking OFDI have any effect on the ownership level of Turkish MNCs in CBMAs by using the lens of eclectic paradigm and institution-based view. 351 completed CBMAs during 1990-2017 by Turkish companies have been analyzed to test the research model. The results of Tobit regression analyses have shown that both market seeking and strategic asset seeking OFDI has a positive effect on the ownership level of Turkish MNCs in CBMAs. However, institutional differences between Turkey and host countries do not moderate these relationships. This study indicates that OLI paradigm can still explain MNCs behavior despite the country of origin and context related issues. The study has provided evidence for practitioners that location specific motivations are important for ownership strategy in foreign subsidiaries. Besides, it shows that institutional environment would be considered as a more manageable constraint for EM firms in CBMAs.
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    Öğe
    EQUITY PARTICIPATION LEVEL OF MULTINATIONAL ENTERPRISES IN CROSS-BORDER MERGER AND ACQUISITIONS: A STUDY IN TURKEY CONTEXT
    (2021) Dülek, Ömer; Kayacı, Ayşe Çoban; Ataay, Aylin
    This study tries to examine how industry and institutional environment differences in cross-border merger and acquisitions affect equity participation level of multinational enterprises in an emerging market. We have based our research model and hypotheses on transaction cost based and institution-based view. Since industry and institutional environment differences cause risk and uncertainty to MNEs which lead higher transaction costs for these firms, these two theoretical approaches would be still relevant to understand MNEs' strategic behavior in emerging market contexts. Our findings support the positive influence of industry relatedness on ownership participation but we cannot find support for the moderating influence of both formal and informal institutions on the relationship between industry relatedness and equity participation level. Consequently, our study has shown that transaction cost-based view is still relevant for MNEs' foreign investment decisions in emerging markets and despite institutional voids perspective, formal and informal institutions could not hinder MNEs to take risk in strategic choices.
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    Öğe
    Investment motivations and institutional quality Cross-border mergers and acquisitions by Turkish MNCs
    (Routledge, 2022) Kayacı, Ayşe; Ataay, Aylin; Rana, S.; Shrivastava, A.K.
    The outward investment flow of Turkey has been rising since 2002, which makes it considerable due to the close relations of Turkish firms with Eastern and Western markets due to their geographic proximities. Theoretically based on the OLI paradigm and institutional theory, this study has investigated how macro-level factors affect the cross-border M&A activity of Turkish firms and how institutional differences endorse the effects of these factors for the period 2002–2013. Our findings indicate that Turkish firms prefer host countries with larger market sizes as a sign of their market-seeking investment behaviour. Additionally, this preference is stronger when the host country’s institutional development is better than that of the home country. However, we found that the strategic endowments in the host country don’t explain the intensity of cross-border M&As by Turkish firms. Also, the boosting effect of the institutional quality of the host country on the strategic-asset–seeking FDI is not supported. Finally, we have found a partial support for the OLI framework’s location-specific determinants of FDI in the case of the cross-border investment behaviour of Turkish MNCs.
  • Küçük Resim
    Öğe
    Ownership level in cross-border M&As of Turkish MNCs: The Role of ownership concentration and institutional contexts
    (Ege University, 2021) Kayacı, Ayşe; Ataay, Aylin
    This study investigates how ownership concentration effects the ownership level and institutional environment moderates this relationship in Cross-border Merger & Acquisitions of a sample of Turkish Multinational Corporations. Proposed relationships based on institutional theory and socio-emotional wealth approach have been analyzed in a sample of 71 completed Cross-border Merger & Acquisition deals of Turkish firms between 1998-2017. Tobit regression model has been operationalized to test research hypotheses. While the findings have provided support for the positive relationship between concentrated ownership of acquiring firm and ownership level of target firm in Cross-border Merger & Acquisitions, the contextual effects of formal and informal institutions could not provide evidence for moderating impacts. These findings have implied the importance of using different theoretical approaches for distinct Emerging Market contexts like Turkey and how governance issues should be considered differently for Emerging Market firms to understand their Foreign Direct Investment desisions properly.